FX Magnetic Review: Is Scam?

FX Magnetic Review: Is Scam?

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FX Magnetic is designed to provide Forex traders with specific advice where it tells them when to buy and when to sell. The creator of FX Magnetic Forex indicator tells us that their product is designed for newbies because it makes their work easier by bypassing certain elements that require experience. According to the vendor, the FX Magnetic indicator will provide ready signals so that the only responsibility that a trader will have is to place those signals into their MT4 trading account.

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The vendor doesn’t provide any information about who they are, or where they are located, but our research suggests that the system is developed by Rimantas Petrauskas. Petrauskas is a well-known Forex developer who’s created and collaborated on multiple projects including the Trendline Trader, Hedge EA, Local Trade copier, and more recently the Equity Sentry EA. It’s clear that he has a fair bit of knowledge about the markets, and is a very talented coder. In order to get in touch with support, traders can fill out a contact form on the website. No direct email address is provided at this time. Since you are here and possibly looking for a good Forex robot to use for your trading, we will recommend these reliable trading tools. They are the best so far because we have analyzed trading performance of the various products and services listed herein and found them to be exceptional. If you want to get started in trading as a newbie, we encourage you to either purchase a license (for the products) or subscribe if the service you are interested in offers this kind of payment plan.

FX Magnetic Review – is it the real deal?

Petrauskas doesn’t really give us much insight into the trade logic behind the FX Magnetic indicator. We feel that this information is very critical at this point in time and if the developer is not providing it, potential clients are definitely getting disappointed. In fact, the methodology and trading approach isn’t discussed by the vendor at all. Hopefully, after seeing are requested this review, the vendor decides to add some of this to the website.

Instead of focusing on strategy, Petrauskas gives us a few reasons why we should choose this Forex indicator, over other indicators currently in the marketplace. These reasons are essentially made up of features and on chart figures with provide a level of transparency others don’t. The indicator will show the statistics of the last hundred trading signals, the details about the last close signal, the details of the current open signal and the outcome of the previous 100 signals on the chart. It’s also worth noting that the system does not repaint, and does not hide any losing trades.

These are certainly helpful features, and important when it comes to testing in analyzing different pairs to trade. This type of on chart data is impressive, and is the type of technology we hope to see in all the best Forex indicators. The Forex indicator trades a number of pairs which include EURUSD, GBPUSD, EURJPY and GBPJPY. It analyzes signals from all time frames but the trading strategy or methodology for analyzing signals has not been disclosed.

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Now, when we talk about the pricing, we find that FX Magnetic indicator is the most expensive indicator that we have seen in the Forex trading community. For the price of $197 per year, we believe that this is so much expensive. And the $197 per year price gives access to one trading pair only. If you want the version that trades multiple pairs, the vendor can provide this too for a bigger cost. This will cost $788 and it will enable traders to place signals for 4 pairs. This is by far the most expensive Forex indicator that we have seen. This kind of pricing is only seen with stock trading indicators whose prices can even go up to $2000 a piece but not in Forex trading.

There is a 30 day moneyback guarantee, so traders can test the system and get their money back if they feel it’s priced too high. There is also a 14 day trial available, so this can be used to test the system as well. The development team provides a handful of tutorials which can be viewed before purchasing the software, which is a plus. These tutorials give traders feedback on how to trade the indicator, how to change the settings, and a few other aspects, which gives some basic insight into the trading process. Generally this information is provided in the members area, but we see nothing wrong with having it available for traders before they purchase.

FX Magnetic demonstrated trading performance

This is a very critical part of our review. We are expecting the creator of this indicator to provide trading results that can justify their price tag. So far, their product is very expensive and if its performance cannot be backed by any live trading, then clearly this is not something you should buy.

We do understand that this is not an automated trading system where the vendor can create a demo or live account and use it for purposes of testing. However, this cannot be treated as an excuse as well. The reason we are saying so is because the vendor has set a high expectations for his product based on the pricing and we are thinking if there is no proof of trading performance, then definitely it is not worth purchasing the indicator in question.

How about client testimonials?

Without any real trading results, we have to rely on me client feedback a little more than we would like to. As it stands though, the client feedback is very favorable with a4.1 star rating out of 5 on FPA. Anything over 2.5 stars is usually very difficult to achieve with the high amount of fake negative reviews posted on this platform, so this is quite impressive.

Our best advice for you

The pricing of the FX Magnetic Indicator is something to be concerned with. Lack of trading results is another. Please use our recommended products to avoid getting ripped off.

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